Question

i work in california. I did work at the same company for 7.5 years. During this economic time, the business slowed enough to warrant attention to my store which i operate for the owner. I am overseen by a regional manager. I have been a salaried manager for 4.5 years. I did have some rough times when i started with the regional manager which caused me to leave his store when he was a manager.
The day finally came when he decided to let me know i had to perform certain adjustments to my sales and staff to keep my job. Basically he wanted to save his job because of the pressure he was getting from corporate. He tells me i have 2 weeks to straighten out the sales and staff and that he would help. Two weeks go by and he apologizes everyday for not coming to help. Then he calls a suprise meeting and says that my position will be eliminated and that i am no longer needed at my store because he will be taking over.
He did give the the option of working for a 37 percent pay cut and as an hourly employee with a demotion in job title.
This is not the 1st time i have been discriminated against by him.
The first time he was a manager and thought i was taking his job from him. So he was very hard on me and told me he didnt care who i was and that i would not be taking his job.
The second time he was a regional and placed a less senior manager in a larger volume store which means more pay as well.i was passes by and not even asked for the position.
The third time is now that even after telling me he would help save his and my own job and that i should not have any doubt that his plan of restructuring would work in our favors allowing us to keep our jobs, and he decided that his most senior manager of 4 managers should be the one demoted because of corporate decisions and he threw in that i was complacent and not managing my employees to boot.
i would just like to know in california which i know is a very hard state to deal with the labor codes and free will stautes. if there is any case i can bring to the unemployment office or sue in court for wrongful termination based on discrimination.
Can the company decrease my salary to hourly and take 37 percent off just because my position is no longer needed.
I dont even want to work for the same company even though their offer is something because i will still be supervised by the same individual who has never liked me in the first place because he feels i am a threat to his job status.